Hi all. I am very new here and I am after some ideas. We upsized to a bigger house early this year with a view to selling the house we were in. One thing led to another after throwing a few figures around and we decided to keep the old place as a rental (best idea I have had in a while). When buying the new place, the bank used some of the equity in the old place to buy the new place.
Now we are considering "granny flatting" the mother in law at our current address and I have had it in the back of my mind for a while that I would like to buy her place when she "moved on" as we would already have a half share in the place and we would only have to pay half to fully acquire it.
The trouble with the granny flat idea is that she will need to borrow against her house (equity unlock) to build the flat then sell her house paying out the loan and keeping the balance. I would still like to buy it but we are a little short on equity in both the properties we have to be able to do it. We also don't have a lot of spare cash either.
So my question is :- Are there any other ways to fund a purchase like this in this situation ?
Ta in advance.
Chris.
Now we are considering "granny flatting" the mother in law at our current address and I have had it in the back of my mind for a while that I would like to buy her place when she "moved on" as we would already have a half share in the place and we would only have to pay half to fully acquire it.
The trouble with the granny flat idea is that she will need to borrow against her house (equity unlock) to build the flat then sell her house paying out the loan and keeping the balance. I would still like to buy it but we are a little short on equity in both the properties we have to be able to do it. We also don't have a lot of spare cash either.
So my question is :- Are there any other ways to fund a purchase like this in this situation ?
Ta in advance.
Chris.